"His innate conservatism comes through"

David Fuller's view Yes it does. Consequently, Hugh Young tends to underperform when stock markets are on a roll. In contrast, he loses less money when markets turn down, and performs well during recoveries from depressed conditions.

Tactically, I would not chase shares that are surging above their rising 200-day MAs. Also, this environment might provide an opportunity to lighten positions that you may not wish to hold during another medium-term downturn which will eventually follow.